Mumbai's GTB Nagar gets a Rs 4,521-crore urban renewal makeover
A major redevelopment project in Mumbai's GTB Nagar has moved forward after Keymidtown Developers, part of Rustomjee Group, signed key agreements. The initiative will transform roughly 11.54 acres into a modern residential area, benefiting over 1,200 residents. The project aligns with the Maharashtra government's Slum Rehabilitation Authority (SRA) scheme, focusing on urban renewal and infrastructure upgrades.
The redevelopment will introduce high-rise residential towers built with aluminium formwork technology. This method ensures durability, waterproofing, and compliance with strict structural safety standards. Inside, the buildings will feature fire protection systems, upgraded electrical and plumbing networks, and efficient vertical transit options.
The project aims to create a neighbourhood with open spaces and sustainable design touches. While detailed eco-friendly plans remain limited, draft reports mention potential rooftop solar pilots and rainwater harvesting. The total saleable area is expected to reach around 20.7 lakh square feet, with a gross development value of approximately Rs 4,521 crore.
Boman Irani, Chairman and Managing Director of Keystone Realtors, welcomed the signing of development and construction agreements with MHADA. The project also marks Rustomjee Group's growing involvement in central Mumbai, reinforcing its focus on community-driven redevelopment. By 2:25 pm, Keystone Realtors' shares were trading 1.45% lower at Rs 394.10 on the NSE.
The GTB Nagar redevelopment project will provide modern housing and improved infrastructure for over 1,200 residents. With a projected GDV of Rs 4,521 crore, the project represents a significant investment in Mumbai's urban renewal. Construction will proceed under the SRA scheme, with completion timelines yet to be announced.
